Business
Placing to raise £21.6 million
Placing to raise £21.6 million.
About this update from Treatt Plc
[{"type":"text","content":"\n \nRNS Number : 6617X Treatt PLC 28 November 2017 \n\nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE FINANCIAL CONDUCT AUTHORITY NOR THE LONDON STOCK EXCHANGE, NOR IS IT INTENDED THAT IT WILL BE SO APPROVED.\n \n \nTREATT PLC\n \n(\"Treatt\", the \"Company\" or the \"Group\")\n \nProposed placing to raise £21.6 million to accelerate US expansion and help fund UK site development and relocation \n \nTreatt, the manufacturer and supplier of innovative ingredient solutions for the flavour, fragrance, beverage and consumer products industries, is pleased to announce that it has conditionally raised approximately £21.6 million (before expenses) by placing 5,265,500 Placing Shares at a price of 410.0 pence per Placing Share with new and existing institutional investors in order to help fund the acceleration of the Group's US expansion plans and its UK site relocation and expansion to deliver a new UK facility capable of supporting Treatt's future growth plans.\n \nTreatt's audited results for the year ended 30 September 2017 have also been announced today in a separate release.\n \nHighlights\n\n2022 growth plan in place, driven by continued focus on citrus, sugar reduction and tea ingredient solutions\nProposed placing of 5,265,500 Placing Shares at a price of 410.0 pence per Placing Share raising gross proceeds of approximately £21.6 million\nNet proceeds of the Placing will be used to part fund the acceleration of the Group's US expansion plans and its UK site relocation and expansion\nThe expansion in the US is expected to allow the Group to enhance the Group's technical capabilities and customer engagement facilities\nIn the UK, the relocation and expansion is expected to not only significantly improve client interaction and production capabilities but, over the medium term, drive further margin growth through a number of operational efficiencies and technical improvements\nNo...